Nearly 200 ATMs in the Chicago area are going cardless under a new initiative from Wintrust Financial and FIS. Dubbed Cardless Cash, the technology enables customers to withdraw cash using smartphones rather than plastic payment cards. Users open the Wintrust Bank mobile app to select how much they want to withdraw. Once at the ATM, customers scan a QR code displayed on the machine, which then dispenses the requested amount and sends a digital receipt to the mobile device. The process takes an average of eight seconds, compared to 47 seconds for a traditional card-based ATM withdrawal, according to FIS. Along with faster withdrawals, the system reduces the chance of fraud from card skimming and does not store or track card data. The app can be remotely disabled if the phone is lost or stolen.
Wintrust and FIS began rolling out the new technology in late November and are set to reach full rollout to 190 Wintrust ATMs by the end of February. Plans to expand the capability to additional banks are in the works, according to Doug Brown, senior vice president, eBanking, FIS. “Other banks in the Chicago market are in active deployment and will have [Cardless Cash] available in the first half of 2015,” Brown tells Paybefore. FIS also has expanded Cardless Cash availability to mobile banking clients across the U.S. Cardless Cash works across multiple ATM manufacturers and is not specific to any ATM network. FIS created an educational series to help banks promote consumer awareness of the service, Brown says.